Giant Farro DS hybrid

Hello All,
I'm a newby to bike riding and have a friend who loaned me his Giant Farro DS to try out. He's offering to sell me the bike for $350.00, he said he bought the bike new in 1999 for around $500.00. I'm really enjoying the Giant, and have been riding around 10 miles on the road 4x a week for the last two weeks. My question is this a bargan at $350.00 ?
Thanks,
tnred